Telesis Bio Reports First Quarter 2023 Financial Results
11 Mai 2023 - 10:05PM
Telesis Bio Inc. (NASDAQ: TBIO), a leader in automated multi-omic
and synthetic biology solutions, today reported financial results
for the first quarter of 2023.
“We are pleased with our company’s performance
this quarter where we delivered 28% growth year over year in BioXp
franchise revenue while improving gross margins and holding
operating expenses steady,” said Todd R. Nelson, PhD, CEO, and
founder of Telesis Bio. “We believe we are still in the early
stages of adoption within our targeted workflows and our value
proposition to researchers will continue to increase. Our positive
results are a testament to the thoughtful planning and the steady
execution of our team. We remain laser focused on operating
expenses as we move towards a time where we can become a profitable
company.”
Highlights
Continued to execute its commercial
strategy:
- Successful on-time launch of three
novel BioXp® Select kits providing scientists the flexibility to
adapt the BioXp System to their process and begin with their own
materials.
- BioXp® Select mRNA Synthesis Kit
allows customers to synthesize mRNA in just hours using DNA that
they bring to the system to streamline and accelerate discovery
workflows in mRNA therapeutics, vaccines, and precision
medicine.
- BioXp® Select DNA Cloning and
Amplification Kit and the BioXp® Select Plasmid Amplification Kit
provide scientists the ability to initiate experiments with their
own plasmid or linear DNA fragments and perform automated cell-free
DNA amplification and scale-up, particularly in antibody
engineering, protein engineering, and cellular immunotherapy.
- Progress on development of other
higher margin products previously announced.
Delivered operational milestones, including:
- Relocation to
consolidated headquarters in San Diego to execute programs to
expand gross margin including insourcing initiatives related to raw
materials and vertical Integration of instrument
manufacturing.
- Commercial
delivery of BioXp kits incorporating oligos from our in-house
proprietary oligo production operation.
- Accomplishments
to support the shipping of its first internally manufactured BioXp
system in the third quarter.
The company’s expectation is that these
insourcing efforts will be substantially completed by year-end and
that full financial benefit will be realized in 2024.
First Quarter 2023 Financial
Results
Revenue was $6.3 million for the first quarter
2023, a 12.1% increase from $5.6 million for the same period in the
prior year. This growth was primarily driven by product sales from
new product introductions, including the BioXp 9600.
Cost of revenue for the first quarter 2023 was
$2.81 million, compared to $2.86 million for the same period in the
prior year. The decrease of $0.05 million, despite the increase in
revenues was primarily driven by a change in product mix with the
launch of the higher margin 9600 system during the latter half of
2022, and the sale of kits with higher average margins.
Gross margin for the first quarter 2023 was
55.6%, compared to 49.3% for the same period in the prior year. The
favorable change reflects the positive mix shift in revenue from
recently launched products including the BioXp 9600 system, as well
as new kits for mRNA, long fragment builds, and cell free DNA
scale-up.
Operating expenses were $14.5 million for the
first quarter 2023, compared to $15.6 million for the same period
in the prior year. This decrease is primarily a result of prudent
cost-cutting decisions made a year ago in Q2 2022 to focus the team
on the most profitable and near-term opportunities.
Net loss was $11.1 million for the first quarter
2023, compared to a loss of $13.2 million in the same period in the
prior year. Net loss per share was $0.37 for the fourth quarter of
2022, compared to $0.45 for the corresponding prior year
period.
Cash and cash equivalents were $32.2 million as
of March 31, 2023.
Webcast and Conference Call
Information
Company management will host a conference call
today, Thursday, May 11, 2023, at 1:30 p.m. Pacific
Time / 4:30 p.m. Eastern Time to discuss the
financial results and other recent corporate highlights.
The press release and live audio webcast can be
accessed via the Investor section of Telesis Bio’s website at
ir.telesisbio.com and the conference call can be accessed live by
pre-registering here:
https://register.vevent.com/register/BIf9b7641fab2948fca7b1ec1d400ceec4.
Please log in approximately 5-10 minutes before the event to ensure
a timely connection. The archived webcast will remain available for
replay on our website for 30 days.
About Telesis BioTelesis Bio is
empowering scientists with the ability to create novel, synthetic
biology-enabled solutions for many of humanity’s greatest
challenges. As inventors of the industry-standard Gibson Assembly®
method and the first commercial automated benchtop DNA and mRNA
synthesis system, Telesis Bio is enabling rapid, accurate and
reproducible writing of DNA and mRNA for numerous downstream
markets. The award-winning BioXp® system consolidates, automates,
and optimizes the entire synthesis, cloning and amplification
workflow. As a result, it delivers virtually error-free synthesis
of DNA and RNA at scale within days and hours instead of weeks or
months. Scientists around the world are using the technology in
their own laboratories to accelerate the design-build-test paradigm
for novel, high-value products for precision medicine, biologics
drug discovery, vaccine and therapeutic development, genome
editing, and cell and gene therapy. Telesis Bio is a public company
based in San Diego. For more information, visit
www.telesisbio.com.
Telesis Bio, the Telesis Bio logo, Gibson
Assembly, and BioXp are trademarks of Telesis Bio Inc.
Forward-Looking Statements This
press release contains forward-looking statements. All statements
other than statements of historical facts contained herein are
forward-looking statements reflecting the current beliefs and
expectations of management made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements include statements and guidance regarding Telesis
Bio’s future financial performance as well as statements regarding
the future release and success of new and existing products and
services. Such statements are based on current assumptions that
involve risks and uncertainties that could cause actual outcomes
and results to differ materially. These risks and uncertainties,
many of which are beyond our control, include risks described in
the section entitled Risk Factors and elsewhere in our Annual
Report on Form 10-K, which was filed with the Securities and
Exchange Commission on March 22, 2023, as amended on May 1, 2023.
These forward-looking statements speak only as of the date hereof
and should not be unduly relied upon. Telesis Bio disclaims any
obligation to update these forward-looking statements.
Contact:Jen CarrollVice President of Investor
Relationsjen.carroll@telesisbio.com
Telesis Bio Inc. |
Selected Statements of Operations Financial
Data |
(in thousands, except per share
amounts) |
(unaudited) |
|
|
Three Months Ended March
31, |
|
2023 |
|
2022 |
Revenue: |
|
|
|
Product sales |
$ |
3,001 |
|
|
$ |
2,423 |
|
Service revenue |
|
1,674 |
|
|
|
1,705 |
|
Collaboration revenue |
|
962 |
|
|
|
962 |
|
Royalties and other revenue |
|
679 |
|
|
|
546 |
|
Total revenue |
|
6,316 |
|
|
|
5,636 |
|
Cost of revenue |
|
2,805 |
|
|
|
2,858 |
|
Gross Profit |
|
3,511 |
|
|
|
2,778 |
|
Operating expenses: |
|
|
|
Research and development |
|
5,121 |
|
|
|
6,305 |
|
Sales and marketing |
|
3,807 |
|
|
|
3,546 |
|
General and administrative |
|
5,554 |
|
|
|
5,790 |
|
Total operating expenses |
|
14,482 |
|
|
|
15,641 |
|
Loss from operations |
|
(10,971 |
) |
|
|
(12,863 |
) |
Interest expense, net |
|
(249 |
) |
|
|
(336 |
) |
Change in fair value of
derivative liabilities |
|
140 |
|
|
|
23 |
|
Other expense, net |
|
(36 |
) |
|
|
(12 |
) |
Provision for income
taxes |
|
(3 |
) |
|
|
(6 |
) |
Net loss |
$ |
(11,119 |
) |
|
$ |
(13,194 |
) |
Net loss per share, basic and
diluted |
$ |
(0.37 |
) |
|
$ |
(0.45 |
) |
Weighted average common shares
used to compute net loss per share, basic and diluted |
|
29,663,006 |
|
|
|
29,331,325 |
|
|
Telesis Bio Inc. |
Selected Balance Sheet Financial
Data |
(in thousands) |
(unaudited) |
|
|
|
|
|
March 31, |
|
December 31, |
|
2023 |
|
2022 |
Balance Sheet
Data: |
|
|
|
Cash, restricted cash, cash equivalents and short-term
investments |
$ |
32,242 |
|
|
$ |
43,753 |
|
Working capital |
|
31,699 |
|
|
|
41,594 |
|
Total assets |
|
89,162 |
|
|
|
81,362 |
|
Total liabilities |
|
52,543 |
|
|
|
34,797 |
|
Accumulated deficit |
|
(124,860 |
) |
|
|
(113,741 |
) |
Total stockholders’ equity |
|
36,619 |
|
|
|
46,565 |
|
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